I got on a little rabbit trail while giving some advice on charity year end tax receipt processing. I'll post the advice below in a min, just thought you might like a little music to help you along the research path that came with this bit of adventure. ~ TLR
FW: Sample Guidance on Donations for Year End Eligibility for Tax Receipts 2020
I thought this maybe of interest to my friends associated with charity and non profits.
As year end fast approaches the acceptance and classification of which year to apply a donation that comes in over the next week or so can become problematic and is often a cause of some stress for us. This appeal that I received today from SALTS which is a wonderful organization in the marine training arena reminded me that this would be a good opportunity to share some guidance around year end items with respect to charitable gifts being received and given.
SOP recommendation. When you receive a chq in the mail, keep the envelop along with a copy of the chq to demonstrate the post mark and thus the allocation to the year is correct with no doubt should it ever be questioned. I also always recommend that you keep a photo copy of all chq’s received as a general standard operating procedure ( SOP ) , print a copy of any etransfers received as well, along with any offering envelops received. CRA can ask to see these and it’s good to have for any internal auditing requirements that may come up during bookkeeping and reviews. When posting these year end items, set them up in your accounts receivables to be paid later, a DR in the books and a CR in donations received ledger. When they are deposited into the bank, the payment can be allocated in your bank ledgers properly, Dr the bank ledger and a Cr to Accounts Receivable.
Hope you holidays have been going well, and my prayer is that 2021 is full of joy and peace for you, your family and the organizations that you care for.
As Bob Dylan once said, “May God Bless you all with peace, tranquility and good will.”
Cheers
Tim
https://improvingfutures.ning.com/blog/merry-christmas-2020
https://improvingfutures.ning.com/blog/holiday-schedule-year-end-2020
https://improvingfutures.ning.com/blog/your-tv-interview-with-tim-2020-year-end-tax-review
https://improvingfutures.ning.com/blog/meet-tim
Knocking on heavens door https://www.youtube.com/watch?v=CGB1P1jKIoE
Timothy Ross, Family Advisor, CEO & Founder, Brock Shores Financial
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From: SALTS Sail and Life Training Society <info@salts.ca>
Sent: December 27, 2020 4:55 PM
To: Advisor@timothyross.com
Subject: Your gift sustains SALTS
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Thank you for your support!
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As 2020 winds down, why not consider your charitable giving this year and whether you have given all you've decided in your heart to give. If you are able, your support this year sustains SALTS until we can sail again safely!
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If you are considering a donation to SALTS, please note that online gifts received by midnight PST on Dec 31st (or cheques mailed with a postmark on or before Dec 31st) will receive tax receipts for the year 2020.
Thank you for generously investing in transformation for future SALTS trainees.
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Gratefully,
Loren Hagerty
Executive Director
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